Valley gets say on L.A. NFL stadium

The first public meeting in the San Fernando Valley over a new downtown NFL stadium saw a range of local reaction on Thursday night, with skeptics asking that the project be put to a citywide vote, and supporters calling on city officials to bring football back to L.A.

Roughly a dozen and a half people spoke during public comment at the Ad Hoc Committee's hearing at Van Nuys City Hall to discuss the memorandum of understanding with Anschutz Entertainment Group. The developer is hoping the city will approve the preliminary deal by mid-August. The project drew largely positive comments from many construction workers and labor groups. Others practically begged for a football stadium.

"I am here for my football team," said Sylmar resident Sharyn Gunter, who only asked that the city not extend an invite to the Raiders or Rams.

Stuart Waldman, president of the Valley Industry and Commerce Association, said his group backs the project because of the economic benefits. He pointed to a recent surge in hotel room bookings in the Valley due to a recent Microsoft convention downtown. "This isn't just about downtown," he said.

But others questioned the financial aspects of the deal.

"These are myths, that stadiums provide economic benefits (to cities)," said Quentin J. Fleming, a business professor at the University of Southern California, holding numerous football studies.

He urged the committee to more closely study the project.

Sid Gold, who sits on the Granada Hills Neighborhood Council, said the public should be given the final say.

"This is such an important deal ... it has to be put to the people for a vote," he said.

AEG is seeking to build a 75,000-seat NFL stadium and replace a wing of the Convention Center. The developer says that taxpayer money will not subsidize the $1.2 billion project, but the city's assistance is needed to obtain bond financing.

The developer is asking the city to issue $195 million in bonds, money which would be repaid by revenues generated by parking fees property taxes, and other taxes.

AEG is also asking for an additional $80 million in city-issued bonds, which would be repaid via a new tax imposed on the L.A. Live and Staples area. AEG would be responsible for repaying those fees, and if they aren't paid, the city could foreclose on the Staples Center and L.A. Live, according to the contract.

Officials are particularly interested in the Convention Center element, because the city itself has not been able to afford renovations that would help Los Angeles stay competitive with other major convention destinations.

The city pays $48 million a year in debt on the Convention Center, according to City Administrative Officer Miguel Santana.

The full City Council is expected to start looking at the proposal today. Another Ad Hoc Committee meeting to discuss the stadium is scheduled for next week. AEG has asked that the City Council approve the MOU before its summer recess on Aug. 20.

If the City Council approves the MOU within the next two weeks, AEG would continue work on its environmental impact report, which it believes could be finished by May.